Sharia-compliant financial solutions for Tri-Zen customers

JKP Head of Sales and Marketing and JKH VP Nadeem Shums and JKP Sector Head Nayana Mawilmada with HNB DGM Retail Banking Sanjay Wijemanne, HNB AGM Islamic Banking Hisham Ally and HNB Chief Manager PFS Kanchana Karunagama

John Keells Properties (JKP) has partnered with HNB Islamic banking to offer a Sharia-compliant financial solutions for customers looking to invest in their upcoming Tri-Zen residential development in Colombo.

The collaboration will offer attractive rates which are competitive in the current mortgage market through the Islamic banking finance system, which utilises an asset-backed equity-based alternate financing method.

The principle used is ‘Diminishing Musharakah,’ a rental based investment where the customer and bank jointly invest in a tangible asset. A key feature is that it does not involve ‘interest’ and is, therefore, an attractive option for people from faiths that prohibit interest or for those seeking alternate financing options.

“As the country’s leading property developer, John Keells Properties has always been at the forefront of innovation and introduced attractive financial solutions for our customers. This is our first collaboration to offer Sharia-compliant financial solutions and we are excited to have a leading institution such as HNB Islamic banking on board,” said JKP Head of Sales and Marketing and John Keells Holdings Vice President Nadeem Shums.

“HNB Islamic banking is equipped with years of experience in Sharia-compliant financial solutions. Customers will be able to avail of the full suite of HNB Finance’s financial facilities and services in order to purchase a Tri-Zen apartment in the heart of Colombo on affordable terms,” explained HNB AGM Islamic Banking Hisham Ally.